Home Economics Economic Roundtable Richard Werner Explains How Banking Really Works

Richard Werner Explains How Banking Really Works

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Richard Werner Explains How Banking Really Works

Richard Werner Explains How Banking Really Works

Banks are commonly thought of as deposit-taking institutions that lend money. The legal reality is different: banks do not take deposits, and banks do not lend money.What is a “deposit”? It is not actually a deposit. It is not a bailment, and it is not held in custody. At law, the word “deposit” is...

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